Tag: Budget
$135M surplus expected to fall to just $16.5M by year-end
(CNS): At the end of September, the Cayman Islands Government was sitting on a whopping surplus of $148.6 million for the entire public sector and CI$135.7 for core government, but officials have confirmed this will likely dwindle to around $16 million by the end of the year.
Gov’t takes $1.2M from next year’s budget
(CNS): Having recently voted an extra $51.8 million in supplementary expenditure earlier this month, the Cayman Islands Government has also reached into next year’s spending allocation for another $1.2 million that had been earmarked for spending in 2025 to spend in this year. According to a brief summary of a Cabinet meeting held on 2 […]
Parliament rubber stamps UPM’s $51.8M extra spending
(CNS): Parliament has given the OK for the government to add $51.8 million in extra spending to this year’s budget. On Friday, Finance Committee went through the long list of new expenditures, including $35.4 million in operating expenses and $16.4 million in capital expenditures.
Bid opened on $150 million loan for UPM projects
(CNS): The finance ministry has issued a request for proposals (RFP) from financial institutions for a CI$150 million loan facility. The borrowing was approved in the 2024/25 budget and is to cover the shortfall between the current UPM government’s anticipated surplus and its growing bill for capital projects. A government press release said the money […]
Cabinet increases 2024 capital budgets by $7.4M
(CNS): Under section 11 of the Public Management and Finance Law, Cabinet has effectively added another CI$7.4 million to the 2024 budget with the approval to increase capital funding for various government projects by CI$7 million. According to brief meeting notes from 14 August, the government’s inner circle approved an equity injection of $3 million […]
Offshore sector fuels early extra surplus for CIG
(CNS): The Cayman Islands Government started the year with a surplus of over CI$260 million, much more than the $214.1 million it was expecting due to higher than forecasted revenue and lower than predicted personnel costs during the first quarter of 2024. According to the unaudited financial results for the period, core government collected $27.4 […]
Cabinet re-jigs $8 million to pay for locals’ healthcare
(CNS): Less than four months into the current budget cycle, Cabinet has approved changes to the health ministry’s appropriations for this year to cover some $8 million in medical bills for overseas patients, the elderly, people who are inadequately insured and those in need of chronic care and other treatments. This ever-increasing healthcare requirement for […]
EY lands $1.2 million contract to reform CIG budget
(CNS): The government recently awarded a contract worth more than CI$1.2 million to reform and modernise the way the government does its budget. The local consultants have been asked to help implement an outcome-based budgeting and reporting framework that includes a system to support the preparation and reporting process. For years, the Office of the […]
UPM ‘playing catch-up’ on public project spending
(CNS): Premier Juliana O’Connor-Connolly defended the UPM’s first budget, once again, on Friday when she told the business community that public spending on capital projects over the next two years was about “playing catch-up” with local infrastructure, which is necessary because of the significant population spike over the last few years. The premier, who has […]
Growing debt to cost almost CI$44M in 2024/25
(CNS): The Cayman Islands Government expects to spend around CI$44 million over the next two years financing public debt. At the end of 2023, the public debt stood at CI$453.1 million and is expected to fall to CI$430.2 million this year. However, the forecast for the end of the new budget cycle in 2025 is […]
All MPs back Cayman’s biggest ever budget
(CNS): All 17 MPs, both government and opposition, who were present in parliament on Friday and able to vote backed the near CI$3 billion budget for the next two years. The UPM Government is expecting to collect around CI$1.46 billion across the Entire Public Sector next year and has plans to spend more than CI$1.41 […]
